Shakib Fined Over Tk 2 Crore for Stock Market Manipulation

The Bangladesh Securities and Exchange Commission (BSEC) has imposed a fine of Tk 22.6 million on former national cricket team captain Shakib Al Hasan for involvement in share price manipulation. According to the BSEC's Enforcement Action Report, Shakib was part of a 13-member syndicate accused of manipulating the share price of Sonali Paper & Board Mills Ltd, leading to total fines of Tk 290 million against the group.

Among others penalised were Abul Khair (also known as Hiru), Kazi Sadia Hasan, Abul Kalam Matbor, DIT Cooperative, Kazi Farid Hasan, Kazi Fuad Hasan, Kanika Afroze, Sajed Matbor, Mohammad Bashar, Monarch Holdings, Monarch Hotel and Resorts, Softavion, and Javed A. Matin.

The commission stated that the manipulation took place over two separate periods—from 30 September to 28 October and again from 1 December to 31 December 2021. During this time, Sonali Paper’s share price surged by 126%, reaching Tk 957.70 per share. The syndicate reportedly made a profit of approximately Tk 336.3 million, with an additional potential unrealised profit of around Tk 550 million.

In a written statement issued on behalf of Shakib, Abul Khair expressed regret, stating, “I sincerely apologise for this unintentional mistake. It was not deliberate but occurred due to a lack of awareness. I will be more cautious in the future.”

The BSEC’s crackdown was not limited to Sonali Paper alone. In a wider enforcement action, 24 individuals have been fined a total of Tk 540 million for manipulating shares of four different companies.

Among the major penalties, former president of the Bangladesh Merchant Bankers Association, Sayeedur Rahman, and his associates were fined Tk 19.7 million for manipulating shares of Sonali Life Insurance. Nurjahan Begum and her group were fined Tk 7.6 million for similar offences. Additionally, Abul Khair and his associates were fined a further Tk 190 million for manipulating shares of Asia Insurance.